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chap011perfectcompetition(m-grow-hill,微观经济学,.ppt

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chap011perfectcompetition(m-grow-hill,微观经济学,

Perfect Competition Chapter 11 Laugher Curve Q. How many economists does it take to screw in a light bulb? A. Eight. One to screw it in and seven to hold everything else constant. Perfect Competition The concept of competition is used in two ways in economics. Competition as a process is a rivalry among firms. Competition as the perfectly competitive market structure. Competition as a Process Competition involves one firm trying to take away market share from another firm. As a process, competition pervades the economy. Competition as a Market Structure It is possible to imagine something that does not exist – a perfectly competitive market in which the invisible hand works unimpeded. Competition as a Market Structure Competition is the end result of the competitive process under highly restrictive assumptions. A Perfectly Competitive Market A perfectly competitive market is one in which economic forces operate unimpeded. A Perfectly Competitive Market A perfectly competitive market must meet the following requirements: The Necessary Conditions for Perfect Competition Both buyers and sellers are price takers. A price taker is a firm or individual who takes the market price as given. In most markets, households are price takers – they accept the price offered in stores. The Necessary Conditions for Perfect Competition Both buyers and sellers are price takers. The Necessary Conditions for Perfect Competition The number of firms is large. The Necessary Conditions for Perfect Competition There are no barriers to entry. The Necessary Conditions for Perfect Competition There are no barriers to entry. The Necessary Conditions for Perfect Competition The firms products are identical. The Necessary Conditions for Perfect Competition There is complete information. The Necessary Conditions for Perfect Competition Firms are profit maximizers. The Definition of Supply and Perfect Competition If all the necessary conditions for perfect competition exist, we can talk formally a